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brings our long-term deficits down. tough spending savings is part of that, and invest in things that matter to the american economy, like infrastructure, and getting americans back to work. we think we can do that. we have a good chance, and it's very important. and i think we'll get there, david. >> do you think we'll get a deal by the end of the year? >> i do. because the only thing standing in the way of that is a refusal by republicans to accept that rates have to go up on the wealthiest americans. and i don't really see them doing that. >> the idea that they have signalled something significant for them, which is -- >> what is that? >> putting revenue on the table. >> it's welcome that they are recognizing that revenues are going to have to go up. but they haven't told us anything about how far rates should go up, how far revenues should go up, who should pay higher taxes. >> republicans have said that no republicans will vote for a tax rate increase. do you think they are just bluffing? >> i can't tell you what t
brings our long-term deficits down. tough spending savings is part of that, and invest in things that matter to the american economy, like infrastructure, and getting americans back to work. we think we can do that. we have a good chance, and it's very important. and i think we'll get there, david. >> do you think we'll get a deal by the end of the year? >> i do. because the only thing standing in the way of that is a refusal by republicans to accept that rates have to go up on the...
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Nov 29, 2012
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shy add, chris, that another really important part of this conversation in addition to long term deficit reduction is making sure that we get sustained economic recovery. we saw some good numbers today, but we want to make sure that we sustain that recovery. and extending middle class text cuts is part of it, but so is investing in our infrastructure, so are other elements of the president's jobs plan that should be part of this overall agreement. >> we have seen several liberal democrats to say that it is better to go off that cliff than to get a bad deal. and i'm wondering if you agree because it seems like the ceos who came out of the meeting with the president yesterday were most worried or at least seriously worried about the effect of not getting a deal on time and the effect that will have on the economy. >> we absolutely want to avoid going over the fiscal cliff because it would be a big drag on the economy. >> but are you willing to do that? >> what we're willing to do is come up with a package that both accelerates economic recovery, but also begins to reduce the long term defi
shy add, chris, that another really important part of this conversation in addition to long term deficit reduction is making sure that we get sustained economic recovery. we saw some good numbers today, but we want to make sure that we sustain that recovery. and extending middle class text cuts is part of it, but so is investing in our infrastructure, so are other elements of the president's jobs plan that should be part of this overall agreement. >> we have seen several liberal democrats...
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Nov 30, 2012
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a serious down payment of the deficit. the wall street people who are wringing their hands about this are really full of it. because what they're going to see is a big drop on wall street while the hype comes and then it's going to come roaring back because finally somebody has done something serious about the deficit. so i think the fiscal curb as you call it is actually the best deal that progressive democrats are going to get and i think it's the best deal in the long run, not the short run. but the long run to the american people. >> i think if we did go off, as i kind of expect we will, that congress, though, will not accept your view of look at the long-term benefits of most of this package. yes, there's some things we don't like in it, but most of the package is beneficial. and they will take some kind of action. they would immediately go into action and try to do something about the top -- about the other tax brackets below the top, and then that's when the discussion on spending cuts would really get engaged. >> i
a serious down payment of the deficit. the wall street people who are wringing their hands about this are really full of it. because what they're going to see is a big drop on wall street while the hype comes and then it's going to come roaring back because finally somebody has done something serious about the deficit. so i think the fiscal curb as you call it is actually the best deal that progressive democrats are going to get and i think it's the best deal in the long run, not the short run....
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Dec 6, 2012
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we cannot raise taxes enough to take care of $1 trillion worth of deficit spending every single year. so let's get off of this and get on to the other side and start talking about what we have to do to cut our spending, to reform those entitlement programs that are the debt drivers and then do pro-growth tax reform that will stimulate the economy, get the money coming in. it's the best way to get money coming in and that gives everybody a job and helps to take care of the fiscal problem and balanced is what we need. >> congresswoman diane black, thank you for joining me this morning. i appreciate your time. >> thank you. >> i want to bring in our political power panel. political reporter, karen tumult, karen finney and robert trainam. karen, since i know you the best, i'm going to call you k-fin as not to confuse everyone. it seems the taxes are going to go up on the wealthy. the question is whether or not it's through the tax increases or closing the loopholes and the deductions. so do you think that we are closer to a deal today than yesterday if. >> i do. in that now they're puttin
we cannot raise taxes enough to take care of $1 trillion worth of deficit spending every single year. so let's get off of this and get on to the other side and start talking about what we have to do to cut our spending, to reform those entitlement programs that are the debt drivers and then do pro-growth tax reform that will stimulate the economy, get the money coming in. it's the best way to get money coming in and that gives everybody a job and helps to take care of the fiscal problem and...
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i'm saying at some point, talking about the attention deficit disorder that this nation suffers from in terms of politics, the poor have to have a spokesperson to articulate their viewpoints, a marion wright etleman, someone who speaks about the devastation the poor endured. there's a value in speaking it into existence so on shows like this or sunday morning programs the poor have a seat at the table. >> think of the man with the golden throat a spokesperson on this hour, which i applaud you. >> where is john edwards? >> john edwards. >> getting a haircut. >> if there was an oil painting of john edwards -- the haircut's not the first thing they'd mention. nbc's -- >> john edwards has an oil painting of himself in his house, i bet money on that. >> she didn't say oily. >> the seasonally elegant luke russert, thank you for joining us. and cnbc's john harwood, thank you. >>> fast-food works are joining thousands of low-wage earners in a day of solidarity. our super sized income problem in america ahead on "now." >>> time for the "your business" entrepreneur of the week. lauren wanted t
i'm saying at some point, talking about the attention deficit disorder that this nation suffers from in terms of politics, the poor have to have a spokesperson to articulate their viewpoints, a marion wright etleman, someone who speaks about the devastation the poor endured. there's a value in speaking it into existence so on shows like this or sunday morning programs the poor have a seat at the table. >> think of the man with the golden throat a spokesperson on this hour, which i applaud...
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congress could slash your 401(k) savings to address the deficit. that means those 61 million hardworking americans with workplace retirement plans might not have comfortable, secure retireme retirements, after all. >> okay, that's scary. joining me, personal finance expert carmen wong ulrich. good to see you. >> good to see you. >> you look at that, and you think the sky is falling. would they really touch your 401(k), your i.r.a.? >> it sounds terrifying but i doubt this will happen. even though the top 20% of americans tend to utilize 80% of retirement savings, but the 401(k) is the middle-income way to save for retirement. and here's where they could hit you. for example, this is pre-tax money that you're saving, right? they could hit you there. this is money that you can actually grow tax free. they could hit you with that. but here's where it will hit retirees when it comes to raising taxes on income levels. in retirement when you may money out of your 401(k), it's taxed as income. i.r.a., this is where folks save outside post-tax money into r
congress could slash your 401(k) savings to address the deficit. that means those 61 million hardworking americans with workplace retirement plans might not have comfortable, secure retireme retirements, after all. >> okay, that's scary. joining me, personal finance expert carmen wong ulrich. good to see you. >> good to see you. >> you look at that, and you think the sky is falling. would they really touch your 401(k), your i.r.a.? >> it sounds terrifying but i doubt...
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this is an administration that has 1 trillion plus deficits for each four years. >> one part of that that republicans have talked about, that 2%, and whether you're going to protect tax break force them. steve latourette said some people who call me, they're more worried about the fiscal cliff than about rates going up a couple of points. thomas rooney in your party, if there is truly entitlement reforms that's going to preserve social security and medicare for generations to come, it's going to be very difficult for me to oppose higher rates for the rich. what about that? >> and to mr. rooney's point, if in fact there were fundamental, significant reform of medicare, medicaid and social security so that we in fact save and strengthen and secure those programs, just like we did in our budget,those were included in the president's proposal, then that's something that we would talk about and very seriously consider because there's where we got to get. we got to get real solutions. the problem with the president's proposal is it's not a real solution, it's all politics. >> congressman t
this is an administration that has 1 trillion plus deficits for each four years. >> one part of that that republicans have talked about, that 2%, and whether you're going to protect tax break force them. steve latourette said some people who call me, they're more worried about the fiscal cliff than about rates going up a couple of points. thomas rooney in your party, if there is truly entitlement reforms that's going to preserve social security and medicare for generations to come, it's...
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the fact is that social security doesn't add one penny to the deficit or the debt. let's get the facts straight on this. we've been looking at these entitlements, scrutinizing them. we've had bipartisan changes to social security to make it sustainable. we can do that again. don't blame social security and medicare for our problems. i would say a major part of the problem is health care expenses, and i think the affordable health care bill attacked that issue particularly. if we don't lower health care costs, we are not going to get the budget in balance regardless of what we do. >> we have below you daishg you can't see it. a new poll was taken. a majority didn't want to see cuts in medicaid and didn't want the eligibility age increase for medicare. >> you're absolutely right. you put more burden on the states. right now the states are struggling to keep their head above water as it is. if you put that burden on the states, then they are going to move accordingly to the towns and their taxpayers in that particular state. in my state of new jersey, we pay an exorbit
the fact is that social security doesn't add one penny to the deficit or the debt. let's get the facts straight on this. we've been looking at these entitlements, scrutinizing them. we've had bipartisan changes to social security to make it sustainable. we can do that again. don't blame social security and medicare for our problems. i would say a major part of the problem is health care expenses, and i think the affordable health care bill attacked that issue particularly. if we don't lower...
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rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. and mr. bowles himself said there has been no serious discussion of spending cuts so far. and unless there is, there is a real danger of going off the fiscal cliff. going off the fiscal cliff will hurt our economy, it will cost american jobs. republicans have taken action to overt the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester. and pave way for -- pave the way for tax reform and entitlement reform. and we're the only ones with a balanced plan to protect the economy, protect american jobs and protect the middle class from the fiscal cliff. but without spending cuts and entitlement reform, it will be impossible to address the debt crisis and get our economy going again and create jobs. so right now all eyes are on the white house. the country doesn't need a victory lap. it needs leadership. time for the president, congressional democrats to tell the american people what spending cuts they're really willing to make. with that i'll take a few
rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. and mr. bowles himself said there has been no serious discussion of spending cuts so far. and unless there is, there is a real danger of going off the fiscal cliff. going off the fiscal cliff will hurt our economy, it will cost american jobs. republicans have taken action to overt the fiscal cliff by passing legislation to stop all the tax hikes. to replace the sequester. and pave way...
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mystery when 60% at least of the american people think that's an appropriate way to help balance the deficit. >> now, speaker boehner keeps telling us that he's put revenues on the table in form of closing loopholes, but democrats have not offered anything in terms of those earned entitlements. now, i know you said earlier that these are not connected issues, but are you and your colleagues willing to give any ground in terms of cuts, say, to medicare, medicaid, or social security or something? >> you know, this is somewhat laughable because, again, the republicans spent the entire campaign talking about how democrats slashed $716 billion from medicare and governor romney said i'm not going to take that money out of medicare. now they're demanding we take money out of the medicare. this is another example where their message keeps changing. it's not consistent and they're just relying on the same amnesia of the american people to let them get away with it. >> very briefly, sir. do we think there will be a deal or will we hit the cliff and go over it 1234. >> i'm getting more and more pessimi
mystery when 60% at least of the american people think that's an appropriate way to help balance the deficit. >> now, speaker boehner keeps telling us that he's put revenues on the table in form of closing loopholes, but democrats have not offered anything in terms of those earned entitlements. now, i know you said earlier that these are not connected issues, but are you and your colleagues willing to give any ground in terms of cuts, say, to medicare, medicaid, or social security or...
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rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. >> the president has put forward in september of 2011 with his proposal to the so-called super committee and his budget of february of 2011 very specific spending cuts, including savings from health care entitlement programs. >> so one of the issues is, when you talk specifics and they become part of the public conversation, it's very easy for those things to get derailed in the time available where all the sides sort of clamber and attack some of the specifics. both parties have an interest in keeping some of this close to the vest. what we're hearing from senate democrats today is they believe that the election suggests that the public really wants those higher rates for the higher earners in terms of taxes. senator reid and other democrats don't want to talk about specific cuts or entitlement reforms publicly. everyone saying they don't want to negotiate from the podium. but everyone is aware it's the end of november. there isn't a lot of time left. and how quickly and how peacefu
rule out sensible spending cuts that must be part of any significant agreement that will reduce our deficit. >> the president has put forward in september of 2011 with his proposal to the so-called super committee and his budget of february of 2011 very specific spending cuts, including savings from health care entitlement programs. >> so one of the issues is, when you talk specifics and they become part of the public conversation, it's very easy for those things to get derailed in...
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in 2011 he and john boehner had a deficit deal on the table that a lot of democrats didn't like. right now he's gaining democratic support even more than at the campaign. this proposal democrats alike, there was a meeting on the hill about the proposal. democrats were delighted. you saw john boehner complaining about it. that's what the president wants because we're in the posturing stage in two weeks we'll be closer to actual where the real deal is stage. >> in your latest piece, dana, you write about how the gop if you have members that aren't following the party line they're getting purged. "when a lawmaker who has been part of house gop leadership floated a perfectly sensible notion this week the republicans should accept president obama's offer to extend tax cuts for the 98% of americans who earn less tha $250,000 a year, he was treated as if he'd been caught reading marx in the republican cloak room." >> this guy has a 92% conservative rating. they're now treating him like he's some sort of liberal just because he said don't hold 98% of americans hostage as some sort of neg
in 2011 he and john boehner had a deficit deal on the table that a lot of democrats didn't like. right now he's gaining democratic support even more than at the campaign. this proposal democrats alike, there was a meeting on the hill about the proposal. democrats were delighted. you saw john boehner complaining about it. that's what the president wants because we're in the posturing stage in two weeks we'll be closer to actual where the real deal is stage. >> in your latest piece, dana,...
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howard's become a deficit hawk. i think howard and i would disagree probably on some of the elements of what constitutes -- >> no, but he's saying it's not a disaster if it happens. >> well, i was going to get to that point. the fiscal cliff itself, howard is right, it's a slope. on day one the economy does not collapse and go into recession. but i worry a lot about the markets. the market reaction to going over the cliff, particularly if we go over the cliff in disarray where there's really no plan. everything's broken down. nobody knows where anybody is. i think that could be pretty ugly in the markets. having said that, my own view is, that going over the fiscal cliff is only the second worst thing that can happen. the worst thing that can happen would be for congress to simply kick the can down the road on everything. >> that's exactly right. >> extend all the taxes, extend all the spending, let life go merrily on the way it is. we cannot let that happen. it is time to address the deficit. and if going over the
howard's become a deficit hawk. i think howard and i would disagree probably on some of the elements of what constitutes -- >> no, but he's saying it's not a disaster if it happens. >> well, i was going to get to that point. the fiscal cliff itself, howard is right, it's a slope. on day one the economy does not collapse and go into recession. but i worry a lot about the markets. the market reaction to going over the cliff, particularly if we go over the cliff in disarray where...
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here's the level of deficit reduction i can reach. if you think you can reach the same or more with more spending cuts, you go first and name them. >> yeah. >> so richard, we have everybody playing chicken for the most part. it's kabuki. you show your spending cuts and then i'll show mine. >> right. it failed before when the president was negotiating against himself. look, i'm going to come back. $400 billion of medicare cuts is exactly what you would want democrats to do if you want them to start dealing with entitlements. what are we talking about when we say democrats need to deal with entitlements? principally, it's medicare. so that's a huge down payment right there. you can say, well, i don't really believe they're possible, but that's a real proposal. what you're asking for in terms of the politics is that the president somehow solves john boehner's problems with his own caucus. and gives him the strength to go back and be the leader of that rowdy bunch of house republicans. that is not -- that is a hard ask for a president. >>
here's the level of deficit reduction i can reach. if you think you can reach the same or more with more spending cuts, you go first and name them. >> yeah. >> so richard, we have everybody playing chicken for the most part. it's kabuki. you show your spending cuts and then i'll show mine. >> right. it failed before when the president was negotiating against himself. look, i'm going to come back. $400 billion of medicare cuts is exactly what you would want democrats to do if...
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then we get deficit reduction and it's a lot easier to do. i think the number is just enough, as i said, but it's still hard to get to. and it's going to require the business community coming in and saying to republicans in both the senate and the house, there's a lot of stuff in here we don't like, a lot of special interests won't like it, but the business community at large, particularly big business, saying this needs to get done and needs to get done before new year's eve. >> just do it. >> just do it. all right. >> all right. >> failure is not an option. >> it's not. it really isn't. >>> hillary clinton may insist she's leaving politics, but a new poll shows the majority of americans hoping she has a change of heart. the latest abc news/"washington post" poll shows 57% would vote for clinton in a 2016 presidential bid. 37% oppose of a potential campaign. clinton also has strong support in her home state of new york. in a siena college poll, 64% of new york voters say she should make a run, but new yorkers aren't as enthusiastic about the
then we get deficit reduction and it's a lot easier to do. i think the number is just enough, as i said, but it's still hard to get to. and it's going to require the business community coming in and saying to republicans in both the senate and the house, there's a lot of stuff in here we don't like, a lot of special interests won't like it, but the business community at large, particularly big business, saying this needs to get done and needs to get done before new year's eve. >> just do...
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issues, bob erlich and i had to come in and try to create incentives within our economy, the $2 million deficit. you find completive ways to keep businesses that you have, but expand that base. so this idea these incentives were somehow bad for the economy or bad for the local market, to me, just don't add up necessarily because every state is different. you do compete -- we compete with virginia and delaware and pennsylvania and west virginia in our region. we want the jobs that we can get for our technical and other infrastructure with the state. how does all of that work out in the wash ultimately? who is the bad guy here? is it the governor goes out and gives the incentives with the legislature or is it the employer who keeps -- takes those incentives and want to stay in the state or come to the state? >> this not really about who is the bad guy but do we have a system that works? there is no national thinking. zero today on what are we spending on all this? is it coordinated? why, for instance, in kansas do you have kansas and missouri outbidding each other to have companies literally move
issues, bob erlich and i had to come in and try to create incentives within our economy, the $2 million deficit. you find completive ways to keep businesses that you have, but expand that base. so this idea these incentives were somehow bad for the economy or bad for the local market, to me, just don't add up necessarily because every state is different. you do compete -- we compete with virginia and delaware and pennsylvania and west virginia in our region. we want the jobs that we can get for...